Italy’s engineering company Maire Tecnimont has signed a collaboration agreement worth 1 billion euros for construction of refineries and petrochemical plants in Iran.

Another Italian company Saipem signed a deal worth between $4 billion and $5 billion to revamp and upgrade Iranian oil refineries and build pipelines in the country.

On Saturday, Economy Minister Ali Tayebnia said Iran is seeking $45 billion in foreign investment in next few years.

The country's strategic location, political stability and population, he said, have made it an attractive destination for foreign investment.

"All these factors have led to a capacity to attract more than $45 billion in foreign financial resources for next year, with about $15 billion in direct foreign investment," he told a news conference in Tehran.

Any foreign investment must strengthen Iran's economy, Tayebnia said as he put in his proviso for the plan.

“We won't welcome any proposal that doesn't lead to transfer of technology and capital or doesn't boost production and exports."

President Hassan Rouhani also said investment and transfer of technology was the key to an economic boom.